Sharechat Logo

Urbus prepares to list

By Christine Nikiel

Friday 18th July 2003

Text too small?
The heat is on property company Urbus to perform as it gears up for a Stock Exchange listing on Monday.

The company, which has a portfolio of $390 million, has experienced thin trading volumes during its two and a half years on the secondary board. The test, market sources say, will be whether Urbus, the country's fourth-largest property company on an asset backing basis, can attract busier trading.

Urbus shares were yesterday trading at 90c. A further test will be whether the country's major institutional investors will want to get behind it.

Analysts said greater exposure to the public gaze would act as a good discipline on the Urbus board and its management to perform well but it would be slow-going gaining in stature with investors.

Urbus has found it hard going shedding the stigma of its time as a syndicator of properties involved with the John and Shayne Hodge-backed Waltus in the late 1990s, some of which did not yield promised returns.

Urbus director John Whitehead said the company was aware of its "history" and was trying to change its image.

The Hodges were high-profile and would always be linked to the Waltus syndicate in investors' minds, Mr Whitehead said. But Urbus now had four independent directors on its board plus the Hodges, and would be trying to carve out a place as a successful listed company.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar becalmed, awaiting reasons to move
Huawei still in no-man's-land as Spark presses ahead with 5G build
Trustpower signals $11 mln profit boost from metering sale
Chorus defeats secrecy breach claim
Hedging losses drag Kiwi Property first-half net profit down 23.8%
Sky predicts revenue and earnings fall for FY20
Steel & Tube warns of further hit to first-half profit
A2 Milk's AGM should sort the bulls from the bears
Has NZ reached the lower limits of monetary policy?
NZ dollar maintains gains on China-US talks, local rate outlook

IRG See IRG research reports